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<br /> 2 <br /> Physical Redevelopment <br />Achieve residential tax base growth of $9.5M by 2019; C/I tax base growth of $5M by 2016 <br /> <br />RESULTS <br /> <br />Total Residential Property Values (2011-2015) * <br /> <br /> <br />Total Commercial/Industrial Property Values (2011-2015) * <br /> <br /> * Source: Ramsey County Assessor <br /> <br />INTERPRETATION <br /> <br />As of May 31, 2016, four office projects and an apartment building have been completed with a total taxable market value of nearly $58 million. Additionally, Pulte Homes is in the process of constructing 125 homes, consisting of 89 single family homes and 36 townhomes. To date, 89 building permits have been issued with construction ahead of schedule. Contractually, all 125 units must be complete by September 13, 2019 but it is anticipated these units will be complete by the end of 2017. Pulte’s Enclave development, as well as future option phases with CSI and APi, could increase the tax base by another $56 million by the end of 2018. <br /> RESPONSE <br /> <br />City staff will continue to work with Ryan Companies and Colliers International to actively market the remaining sites (about 14 acres) in order to reach full build-out by 2022. The single biggest challenge in securing development on the remaining sites, particularly the sites on the east side of Old Highway 8, is whether the City can obtain the appropriate approvals from the Minnesota Pollution Control Agency regarding landfill gas migration and obtrusion concerns. <br /> <br />$1,100,000,000$1,200,000,000$1,300,000,000$1,400,000,000 <br />2011 2012 2013 2014 2015 <br />$310,000,000$320,000,000$330,000,000$340,000,000 <br />2011 2012 2013 2014 2015